An automobile bill of sale is a document that transfers ownership rights of a vehicle from the seller to the buyer. It stands for a legal contract that is signed between two parties in exchange for transfer of property or goods. This type of document may be used for the purpose of taxation or just to establish a rightful and clear ownership. One who purchases an automobile needs this type of bill of sale to make sure of no future claims against it. Find out about some of the important components of this kind of bill of sale. Please visit this website for more info about legal documents for free.
VIN (Vehicle Identification Number)
It has to be there on an auto bill of sale, and is actually a serial no. that is associated to the specific vehicle that can be used to trace its registration and ownership. Every car has a unique VIN no, which is a legal way to spot a vehicle and assure rights to the same.
These include an exact description in the vehicle bill of sale of the vehicle that is being bought, as well as the names of the seller and the buyer.
Any conditional terms of the contract should also be listed in the bill of sale, which can include property or money exchanged for the vehicle. In case of a secured loan for a vehicle, the rights to the collateral or the property will be retained by the seller until the agreement terms are satisfied.
The terms of this type of bill of sale may either be absolute or conditional. In the first type, there is exchange of any property or money, and is merely a transfer of ownership from one party to another. In the latter type, there is exchange of property or money of a specific value in return for the vehicle.
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